Personal Loan FAQ's

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Mumbai's Local Loan Service

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8355 955 000
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Mumbai, Thane & Navi Mumbai.

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Apply online in minutes for quick loans today! Our Quick loans online application can be completed on the go or from the comfort and privacy of your own home. Just click on the 'Apply Now!' button or choose your desired loan amount above to apply for quick loans today!
 
Call 8355 955 000 to apply over phone (Mumbai, Thane & Navi Mumbai Only).
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Personal Loan FAQ's
1. What is Personal loan?
>
  A personal loan is an unsecured loan, meaning the borrower does not put up any collateral or security to guarantee the repayment of the loan.
 
2. What can i use my Personal loan for?
>  Personal loan can be used to pay off credit card dues, buy a LCD TV, Buy your better half a diamond ring or other household expenses.
 
3. How do i take a personal loan?
>  You can start by checking with different banks or just enquire with us here. 
 
4. How is my loan eligibility determined?
Loan eligibility depends upon various factors which differ from bank to bank. The main factor is your ability to repay the loan and your CIBIL score. Your profile, in terms of residence and the place you work are also very important.
 
5. What is the maximum tenure and maximum amount of personal loan available?
> The maximum tenure you can take is 5 years and maximum amount of unsecured loan is INR 30 lakh.
 
6. What  fees & charges are payable?
Apart from the rate of interest bank also do charge some fees which are of two types. Once when you are applying for the loan and once when you are pre-closing the loan. The fees when charged at the time of processing called as Processing Fees vary from 1%-3% of the loan amount. The second charge is the prepayment penalty paid at the time of preclosure. This too varies from 2 5 %.
 
7. What is the rate of interest that will be charged on my loan and how soon do i get my money?
>  Rate of interest varies from bank to bank, it usually is between 14% to 26%. It usually takes 7-10 working days to get a loan disbursed.
 
8. Can I apply for the loan with my spouse?
> Yes, you can apply for a personal loan jointly, dependent on your lender.
 
9. How do i repay my loan?
>  At the time of applying for the loan, banks ask you to submit all the post dated cheques (PDC). for each month with Emi which is equal monthly installments or they ask you to sign an Ecs(Electronic clearing system ) with the account that you hold. Mostly these cheques/Ecs are presented on 1st of each month, so please do confirm with the bank on that respect.